Stock Market Today: Sensex, Nifty End Fifth Day Higher As L&T, HDFC, ICICI Bank Lead; FPIs Remain Net Sellers

Overseas investors remained net sellers of Indian equities on Thursday for the fourth consecutive session.

Foreign portfolio investors offloaded stocks worth Rs 758.55 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors turned net buyers and mopped up equities worth Rs 28.11 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 1,31,804 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The yield on the 10-year bond closed 3 bps lower at 7.18% on Thursday.

Source: Bloomberg

• The local currency depreciated 7 paise to close at all time weakest level of 83.21 against the U.S. dollar on Thursday.

• As per intraday trade, Rs 83.29 per dollar remains the weakest-ever level the rupee touched on Oct. 10, 2022.

• It closed at 83.14 on Wednesday.

Source: Bloomberg

India's benchmark stock indices reversed losses to end higher for the fifth session on Thursday. Nifty ended above 19,700 and Sensex closed beyond 66,000 mark for the first time since Aug. 1, 2023. Five days of advance was the longest in eight weeks since since July 13 to July 19 period.

Realty and PSU banking sector led, whereas fast moving consumer goods and pharmaceutical shares were under pressure.

The S&P BSE Sensex closed up 385 points, or 0.58%, at 66,265.56, while the NSE Nifty 50 was 116 points of 0.59% higher at 19,727.05.

European stocks headed for their longest run of losses in more than five years after weak German economic data. The Stoxx 600 gauge retreated for a seventh day as German industrial output declined again in July, further holding back Europe’s biggest economy.

Downward pressure on U.S. equity futures intensified as more details emerged about China’s plans to ban iPhones from certain government departments and state-backed agencies and companies in a blow to Apple Inc. Japan’s Nikkei 225 fell 0.75%. Australia’s S&P/ASX 200 fell 1.19% and Hong Kong’s Hang Seng fell 1.34%.

Oil clung to a Wednesday gain, extending a run of nine daily advances. West Texas Intermediate has risen around a fifth in the past three months to edge closer toward $90 per barrel.

Larsen & Toubro Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Coal India Ltd., and Axis Bank Ltd. were positively adding to the change in the Nifty 50 Index.

Whereas, Infosys Ltd., Hindustan Unilever Ltd., ITC Ltd., Bharti Airtel Ltd., and Tata Consumer Products Ltd. were negatively contributing to the change.

The broader market indices ended higher; the S&P BSE MidCap Index was up 0.79%, whereas S&P BSE SmallCap Index was also 0.40% higher.

Nineteen the 20 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods declined. S&P BSE Capital Goods, S&P BSE Industrials rose the most.

The market breadth was skewed in the favour of the buyers. About 2,241 stocks rose, 1,436 declined, while 130 remained unchanged on the BSE.

• About 10 lakh shares changed hands in a large trade.

• 0.1% equity changed hands at Rs 99.30 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• Bags two orders worth Rs 625.21 crore.

• Order worth Rs 229.20 crore from Hindustan Zinc for operation and maintenance of 2x91.2 MW in Rajasthan.

• Order worth Rs 396.01 crore from Vedanta for 2x600 MW power plant in Chattisgarh.

Source: Exchange Filing

• 10.3 lakh shares changed hands in a large trade.

• 0.15% equity changed hands at Rs 95.95 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• 11 lakh shares changed hands in a large trade.

• 0.11% equity changed hands at Rs 160.95 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• Bags order from Ayana Renewable Power for 300 MW solar photovoltaic power plant in Rajasthan.

Source: Exchange Filing

United Breweries Ltd. appointed Vivek Gupta as the Managing Director and Chief Executive Officer of the company with effect from Sept. 25, 2023.

Shares of United Breweries Ltd. rose as much as 5.61% to Rs 1,670.35 per share as of 1:53 p.m., in comparison with 0.17% advance in the NSE Nifty 50. It rose as much as 5.73% to hit Rs 1,672.25 per share, the highest level in eight months since Jan. 12, 2018.

The stock has fallen 1.75% on a year-to-date basis. Total traded volume so far in the day stood at five times its 30-day average. The relative strength index was at 75, implying that the stock maybe overbought.

Of the 16 analysts tracking the company, seven maintain a 'buy' rating, five recommend a ‘hold’, and four suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 8.1%.

Shares of Coal India Ltd. rose as much as 5.92% to Rs 270.95 per share as of 1:37 p.m., in comparison with 0.13% advance in the NSE Nifty 50. It rose as much as 6.68% to hit Rs 272.9 per share, the highest level since since Oct. 21, 2018.

The stock has risen 20.6% on a year-to-date basis. Total traded volume so far in the day stood at 7.6 times its 30-day average. The relative strength index was at 84, implying that the stock maybe overbought.

Of the 22 analysts tracking the company, 14 maintain a 'buy' rating, two recommend a ‘hold’, and six suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 4%.

• 14.8 lakh shares changed hands in a large trade.

• 0.02% equity changed hands at Rs 139.70 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• 15 lakh shares or 0.05% equity changed hands in a large trade.

• Buyers and sellers not known immediately.

Source: Bloomberg

• In pact with Siemens to accelerate cloud-led digital transformation worldwide.

• To modernise IT landscape and focus on automating public cloud environment.

Source: Exchange Filing

• Approves issue of 16.8 lakh shares to SBI Magnum Global Fund.

• Approves issue of 28 lakh shares to SBI Multicap Fund.

• Approves issue of 12.6 lakh shares total to SBI Technology Opportunities Fund.

Source: Exchange Filing

India's benchmark stock indices opened lower and swung between gains and losses through midday on Thursday. Nifty was above 19,600 level, whereas Sensex was trading above 65,800 level.

Realty sector led, whereas fast moving consumer goods and metals were under pressure. Indian rupee was above the 83 mark against the U.S. dollar, whereas the yield on the 10-year treasuries slipped by six basis points intraday, since May 2023.

As of 12:22 p.m., the S&P BSE Sensex was down 16 points, or 0.02%, at 65,864.50, while the NSE Nifty 50 was 0.75 point lower at 19,610.30.

Shares fell and the dollar strengthened against major currencies as investors increased bets for further Federal Reserve policy tightening. European equity futures fell alongside contracts for U.S. stocks.

In Asia, Chinese exports fell less than forecast in an encouraging sign for the economy. Malaysia is expected to keep rates on hold at 3%. Japan’s Topix fell 0.4%. Australia’s S&P/ASX 200 fell 1.2% and Hong Kong’s Hang Seng fell 1.1%.

On Wednesday, the S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest rate expectations, declined 0.9%.

Oil clung to a Wednesday gain, extending a run of nine daily advances. West Texas Intermediate has risen around a fifth in the past three months to edge closer toward $90 per barrel.

Larsen & Toubro Ltd., Coal India Ltd., HCL Technologies Ltd., Tech Mahindra Ltd., and TCS Ltd. were positively adding to the change in the Nifty 50 Index.

Whereas, Reliance Industries Ltd., Infosys Ltd., Bajaj Finance Ltd., Hindustan Unilever Ltd., and ITC Ltd. were negatively contributing to the change.

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.49%, whereas S&P BSE SmallCap Index was also 0.41% higher.

Fifteen the 20 sectors compiled by BSE advanced, while five advanced. S&P BSE Capital Goods, S&P BSE Realty rose the most.

The market breadth was skewed in the favour of the buyers. About 2,134 stocks rose, 1,349 declined, while 172 remained unchanged on the BSE.

• Bags order from Haryana Government for Solar pumps valued at Rs 25.44 crore.

• Order to be executed within 120 days.

Source: Exchange Filing

• U.S. FDA inspected Aurobindo Pharma's formulation manufacturing facility in Telangana from July 14 to July 21, 2023.

• Unit has received an EIR classifying facility as 'voluntary action indicated'.

Source: Exchange Filing

Shares of Cosmo First Ltd. advanced on Thursday after the company entered into a Security Subscription and Shareholders’ Agreement with O2 Renewable Energy XV and its holding company for acquisition of minority stake in the Special Purpose Vehicle.

The company will be acquiring 26% stake in the SPV for Rs 17.85 crore. It company will source solar power for its plants situated at Aurangabad on a group captive consumer basis.

O2 Renewable Energy XV Pvt. is a special purpose vehicle incorporated in May, 2023.--take this as intro

Shares of the company pared the gains to trade 2.61% higher at 726, compared to a 0.04% decline in the NSE Nifty 50 as of 11:06 a.m. The share price advanced as much as 5.08% intraday to hit Rs 748.55 per share.

The stock has plunged 5.12% on a year-to-date basis. Total traded volume stood at 1.8 times its 30-day average. The relative strength index was at 61.79.

Shares of the The Indian Hotels Co. hit a record high intraday after management highlighted several growth drivers at the Jefferies Asia Forum 2023.

The company said it is working on diversification of topline, eyeing steady earnings growth and also undertaking effective asset management strategies. Its focus lies in organic and possibly inorganic expansions, with strong emphasis on healthy balance sheet ratios.

Management sees continued growth in the medium to long-term within the sector, given the strong macro enabler. Factors like improving infrastructure, new airports, improved road & rail connectivity, opening of new convention centers, continued rise in discretionary spend, healthcare, wellness and changing travel habits are all positive for the sector. International arrivals are still much lower than pre-covid levels, so there is another likely area of growth here, as per the brokerage.

Jefferies maintains a 'buy' rating a price target of Rs 445 per share, implying an upside of 5% over the next 12 months.

Key management takeaways from Jefferies Asia Forum 2023;

• Company is targeting steady growth in revenue and operating profit, and is working on diversification of topline.

• Focus on adding businesses which yield of over 35% margins.

• Another focus area for the company is building cycle independent businesses, targeted to achieve resilience against the cyclical nature of the Industry.

• Aims for an effective business model for asset-light AMA homestay segment.

• Plans to scale up chambers and lounges to reduce the impact of cyclicality.

• Company is pursuing aggressive growth in management contracts, however, it also wants to keep pursuing strategic asset-heavy projects which are owned or leased by them.

• Indian Hotels is continuing to evaluate standalone properties for merger and acquisitions including those in Ginger+ segment.

• Expect the June quarter's momentum to sustain in the September quarter as well. Company expects to open over 20 hotels in FY24.

Risks to the price traget include;

• A slowdown in global or domestic economy.

• Resurfacing of issues related to pandemic.

• Delay in capacity ramp up or realisation of productivity related benefits.

• Increase in supply pressure resulting in lower than expected improvement in average room rates.

The scrip fell 0.58% at Rs 429 apiece, as compared to a 0.13% advance in the NSE Nifty 50. Before paring gains, the share price advanced as much as 1.15% intraday to hit an all-time high at Rs 436.45 per share.

The stock has risen 34.6% on a year-to-date basis. The relative strength index was at 71, implying that the stock maybe overbought.

Out of the 20 analysts tracking the company, 14 maintain a 'buy' rating, five recommend a 'hold,' while one suggests to 'sell' the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential downside of 0.3%.

Source: Bloomberg, Exchange filing

• To Acquire 100% stake in Strides Pharma Services Private from Arco Lab Private.

• Expected transaction to be completed by Sept. 15, 2023.

• Note: Arco Lab Private is a wholly owned subsidiary of Strides Pharma Science.

Source: Exchange Filing

• The yield on the 10-year bond was trading 5 bps lower at 7.16% in trade on Thursday

• The yield slipped for the first time in four days. It fell 6 bps intraday, the most since May 3, 2023 when it slipped by 9 bps in a single day.

• It closed at 7.21% on Wednesday.

Source: Bloomberg

• About 12 lakh shares changed hands in a large trade.

• 0.01 % equity changed hands at Rs 100.15 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• About 11.5 lakh shares changed hands in a large trade.

• 0.46 % equity changed hands at Rs 506.65 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

Shares of Responsive Industries Ltd. hit a record high after it secured a contract for the Garib Rath initiative from Indian Railways, following the recent Vande Bharat orders.

The vinly flooring and synthetic leather company had won orders for the Vandhe Bharat trains in August for which it has been closely working with the Integral Coach Factory of the Indian Railways, as per its exchange filing.

The scrip rose 18.32% at Rs 303.25 apiece, as compared to a 0.25% decline in the NSE Nifty 50. The share price advanced as much as 18.77% intraday to hit an all-time high at Rs 304.4 per share.

The stock has risen 158.7% on a year-to-date basis. Total traded volume stood at three times its 30-day average. The relative strength index was at 91, implying that the stock maybe overbought. Bloomberg cover no analyst tracking the company.

• Nifty Smallcap 100 advanced 0.59% intraday to a record high at 12,749.39 points.

• Nifty Midcap 100 gined 0.42% intraday to all-time high at 40,455.25 points.

Source: Bloomberg

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.28%, whereas S&P BSE SmallCap Index was also 0.48% Higher.

Nine the 20 sectors compiled by BSE declined, while 11 advanced. S&P BSE Telecommunication, S&P BSE Realty rose the most.

The market breadth was skewed in the favour of the buyers. About 1,663 stocks rose, 585 declined, while 97 remained unchanged on the BSE.

Source: BSE

India's benchmark stock indices opened marginally lower on Thursday after advancing for the third day on Wednesday.

At pre-open, the S&P BSE Sensex was down 26 points, or 0.04%, at 65,855.04, while the NSE Nifty 50 was 12 points, or 0.06%, lower at 19,598.65.

Shares in Asia were broadly lower on Thursday while the dollar strengthened further against major currencies as investors increased bets for further Federal Reserve policy tightening.

Equities in China, Australia and South Korea fell, while Japanese stocks gave up early gains. The downward pressure followed a decline in U.S. stocks Wednesday.

The S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest rate expectations, declined 0.9%. U.S. futures were little changed in early Asian trading.

Oil clung to a Wednesday gain, extending a run of nine daily advances. West Texas Intermediate has risen around a fifth in the past three months to edge closer toward $90 per barrel.

• At pre-open, the S&P BSE Sensex was down 26 points, or 0.04%, at 65,855.04, while the NSE Nifty 50 was 12 points, or 0.06%, lower at 19,598.65.

Source: Bloomberg

• The yield on the 10-year bond opened flat at 7.22% on Thursday.

Source: Bloomberg

• The local currency strengthened 2 paise to open at Rs 83.12 against the U.S dollar on Wednesday.

• It closed at 83.14 on Wednesday

Source: Bloomberg

• U.S. Dollar Index at 104.8

• U.S. 10-year bond yield at 4.26%

• Brent crude up 0.06% at $90.65 per barrel

• Nymex crude down 0.06% at $87.49 per barrel

• GIFT Nifty up 4.5 points or 0.02% at 19,629.5 as of 8:10 a.m.

• Bitcoin up 0.32% at $25,750.74

• Price Band Revised From 5% To 20%: TVS Holdings

• Price Band Revised From 20% To 10%: HLV

• Ex-date Dividend: Kopran, Repco Home Finance, Gujarat State Fertilisers & Chemicals, Banco Products (India), Excel Industries,

• Ex-date AGM: Kopran, Repco Home Finance, Schneider Electric Infrastructure, Suryoday Small Finance Bank, Gujarat State Fertilisers & Chemicals, IKIO Lighting, and Banco Products (India).

• Ex/Record-date Bonus issue: JTL Industries

• Record-date Dividend: Excel Industries.

• Move Into Short-Term ASM Framework: Cyient DLM, Garware Hi-Tech Films, Dr Agarwal's Eye Hospital.

• Move Out Of Short-Term ASM Framework: GMR Power and Urban Infra, Himadri Speciality Chemical, Birla Cable

• Steel Strips Wheels: Promoter Dheeraj Garg released a pledge of 25 lakh shares on Sept. 5.

• Apollo Hospitals Enterprise: Promoter K Visweshwar Reddy created a pledge of 1.6 lakh shares on Sept. 4.

• WPIL: Promoter Hindusthan Udyog released a pledge of 2.9 lakh shares on Sept. 5.

• Adani Power: Promoter Fortitude Trade and Investment bought 36 lakh shares on Sept. 5.

• Choice International: Promoter NS Technical Consultancy bought 2 lakh shares on Sept. 6.

• Minda Corp: Promoter Ashok Minda bought 2.75 lakh shares on Sept. 4.

• Usha Martin: Promoter Usha Martin Ventures sold 2 lakh shares on Sept. 4.

• NGL FINE-CHEM: Promoter Sunita Potdar sold 9,348 shares on Sept. 5.

• Natco Pharma: Promoters Ananda Babu T and Anila T sold 60,000 and 30,000 shares, respectively, on Sept. 4.

• JM Financial: Valiant Mauritius Partners Offshore sold 76.5 lakh shares (0.8%) at Rs 91.02 apiece, and Quant Mutual Fund bought 94.6 lakh shares (0.99%) at Rs 91 apiece.

• NRB Bearings: Acacia Institutional Partners sold seven lakh shares (0.7%) at Rs 270.19 apiece.

• PG Electroplast: Baring Private Equity India AIF sold 1.95 lakh shares (0.7%) at Rs 1,775.20 apiece.

• Shriram Finance: The Small Cap World Fund sold 20.26 lakh shares (0.5%) and the New World Fund sold 26.78 lakh shares (0.7%) at Rs 1,880.28 apiece.

• Solara Active Pharma Sciences: Karuna Business Solutions sold 7.36 lakh shares (2%) and Spiracca Ventures bought 7.36 lakh shares (2%) at Rs 367.46 apiece.

• Tatva Chintan Pharma Chem: Darshana Nitinkumar Shah sold 2.34 lakh shares (0.99%) at Rs 1,639.60 apiece; Shekhar Rasiklal Somani sold 2.34 lakh shares (0.99%) at Rs 1,647.83 apiece; Ajay Mansukhlal Patel sold 2 lakh shares (0.88%) at Rs 1,642.12 apiece; and Daksha Dushyant Patel bought 1.24 lakh shares (0.5%) at Rs 1,646.03 apiece.

• RattanIndia Power: ABARC-AST-002-Trust sold 5 crore shares (0.9%) at Rs 6.65 apiece.

• Globus Spirits: Motilal Oswal Mutual Fund sold 2 lakh shares (0.7%) at Rs 918.25 apiece.

• Aavas Financiers: Small Cap World Fund bought 4.5 lakh shares (0.6%) at Rs 1,654 apiece.

• Dreamfolks Services: Small Cap World Fund sold 13 lakh shares (2.46%) at Rs 507.55 apiece, and Jainam Broking bought 4.9 lakh shares (0.9%) at Rs 514.13 apiece.

• Tata Consultancy Services: The IT major has entered into a strategic partnership with the digital unit of Jaguar Land Rover Plc. as part of the carmaker’s "reimagine" strategy. The new partnership is valued at £800 million over five years.

• Jio Financial Services: The scrip will be excluded from the NSE Nifty 50 and other Nifty indices on Thursday.

• Reliance Industries: The conglomerate's unit, Reliance Retail Ventures, has entered into a joint venture with Alia Bhatt’s kids and maternity-wear brand, Ed-a-Mamma, for a 51% stake. The valuation was not disclosed. Further, the retail arm received the subscription amount of Rs 8,278 crore from Qatar Holding and allotted 6.86 lakh shares to QIA.

• Adani Total Gas: The company received a work order to design, build, finance, and operate a 500 tonne per day bio-CNG plant in Ahmedabad on a public-private partnership model.

• Lupin: The drugmaker will collaborate with Mark Cuban Cost Plus Drug Co. and the COPD Foundation to bolster access to healthcare by expanding the availability of Tiotropium Bromide Inhalation Powder, 18 mcg per capsule, to chronic obstructive pulmonary disease patients in the U.S.

• REC: In its AGM, the state-run company announced its commitment to increase its loan portfolio for green projects by more than 10 times by 2030 to Rs 3 lakh crore. Further, it has signed a loan deal for $100 million with EXIM Bank to refinance its borrowers in the power, infrastructure, and logistics sectors for importing capital equipment. It raised $1.15 billion through syndicated term loans in August 2023 to fund power, infrastructure, and logistics sector projects.

• Tata Consumer Products: The company clarified it is not in negotiations with Haldiram's to acquire a 51% stake in the company, responding to media reports.

• Biocon: Its subsidiary Biocon Biologics has completed the integration of the acquired biosimilars business from Viatris in North America (the United States and Canada). The agreement closed in November 2022. It is expected to grow its employee count to over 150 in North America by the end of the year.

• Varroc Engineering: The company and its units will buy up to a 26% stake in AMP Energy SPVs for Rs 13 crore. The SPVs will be used to construct renewable power plants in Maharashtra with a combined captive capacity of 33.10 MWp or 22.01 MWac.

• 360 One Wam: The asset management company has launched its global platform, 360 ONE Global, for offshore wealth and investment advisory. The group has roped in industry veteran Vikram Malhotra as its co-founder and CEO.

• AU Small Finance Bank: The lender entered into bancassurance tie-ups with Star Health and Allied Insurance Co. and Bajaj Allianz Life Insurance Co.

• PNC Infratech: Its unit, PNC Raebareli Highways, will settle the NHAI dispute with a one-time settlement of Rs 107.17 crore. The settlement amount represents 65% of the total 'eligible disputes' amount.

• Cosmo First: The company has entered into a 'Security Subscription and Shareholders’ Agreement’ with O2 Renewable Energy XV and its holding company for the acquisition of a 26% stake in the SPV for Rs 17.85 crore. The company will source solar power for its plants situated in Aurangabad on a group captive consumer basis.

• GVK Power and Infrastructure: CFO and Whole-Time Director Anicattu Isaac George has resigned with effect from Aug. 31.

• Responsive Industries: The company secured a contract for the Garib Rath initiative from Indian Railways, following the recent Vande Bharat orders.

• Som Distilleries and Breweries: The board has proposed to raise Rs 350 crore via qualified institutional placement, subject to the approval of members at the ensuing AGM, to be held on Sept. 27.

• Force Motors: The company reported domestic sales of 2,601 units and exports of 675 units in August, while total production stood at 3,032.

Jupiter Life Line Hospitals: The IPO has been subscribed to 87%, or 0.87 times, on its first day. The bids were led by non-institutional investors, who subscribed 1.43 times, retail investors, who subscribed 1.11 times, and institutional investors, who subscribed 0.1% or 0.01 times.

Shares in Asia were muted on Thursday, while the dollar strengthened further against major currencies as investors increased bets on further policy tightening by the Federal Reserve.

While equities in Australia and South Korea fell, mirroring a decline in U.S. stocks on Wednesday, Japan's stock market opened slightly higher thanks to the weaker yen.

On Wednesday, the S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest rate expectations, declined 0.9%. U.S. futures were little changed in early Asian trading.

Oil clung to a Wednesday gain, extending a run of nine daily advances. West Texas Intermediate has risen around a fifth in the past three months to edge closer towards $90 per barrel.

Brent crude prices steadied around $90 a barrel, and WTI crude was above the $87 mark. The yield on the 10-year U.S. bond was trading at 4.26%, and Bitcoin was below the $26,000 level.

At 8:10 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 4.5 points, or 0.02%, at 19,629.5.

India's benchmark stock indices swung between gains and losses to end Wednesday higher. The indices advanced for the fourth day as the Nifty ended above 19,600, whereas the Sensex ended above 65,800, the highest level for both indices in four weeks since Aug. 9.

The real estate and PSU banking sectors dragged, whereas pharmaceuticals and fast-moving consumer goods rose in trade. The rupee was trading above the 83 level against the U.S. dollar, whereas the yield on the 10-year bond traded around 7.22%.

Overseas investors remained net sellers of Indian equities on Wednesday for the third consecutive session. Foreign portfolio investors offloaded stocks worth Rs 3,245.9 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors snapped a nearly three-week buying streak to turn net sellers and sold equities worth Rs 247.5 crore, the NSE data showed.